An active weight is taken when the weight of a stock within
the aggregate hedge fund portfolio differs from the weighting
of the stock in the S&P 500, Credit Suisse explains.
Overweighted stocks have a greater weight in the hedge fund
portfolio than in the S&P 500 benchmark.

On the other hand, Philip Morris International and Pfizer
were the only new additions to the list of firms that hedge
funds underweighted the most in the second quarter. They
replaced PepsiCo and ConocoPhillips Company.

Remember, holders of at least $100 million in U.S.
equity-oriented investments are required to tell regulators
their holdings as of the last day of each quarter in a 13F
filing with the Securities and Exchange Commission. It is a
snapshot of one day in time. They also have up to 45 days from
the end of the quarter to file these reports.

Most hedge funds like to wait until the last minute before
pressing send on that filing; so the December 30
holdings were mostly reported around mid-February.